ENTREPRENEURSHIP

Detailed explanation-1: -A difference between actual spending and budgeted spending is called a budget variance. True. Using your checkbook as budgeting system does not serve the purpose of planning for spending.

Detailed explanation-2: -Budget variance equals the difference between the budgeted amount of expense or revenue, and the actual cost. Favourable or positive budget variance occurs when: Actual revenue is higher than the budgeted revenue. Actual expenses are lower than the budgeted expenses.

Detailed explanation-3: -A budget variance is a periodic measure used by governments, corporations, or individuals to quantify the difference between budgeted and actual figures for a particular accounting category.

Detailed explanation-4: -budget variance. the difference between the figure that the business budgeted for and the actual figure. It’s calculated at the end of a budget period when the actual figure will be known.